April 8, 2022
Fraud Friday – Six Former Bank Employees Banned by the Federal Reserve for EIDL Fraud
Announced on Tuesday, the Federal Reserve prohibited six bank employees, effective March 25, 2022, from any future employment opportunities in the banking industry for allegedly applying and obtaining a total of $88,900 in Economic Injury Disaster Loans. The Federal Reserve claims that the group of bankers fraudulently obtained the pandemic relief loans using false representations, and they allegedly used the loan proceeds for personal expenses.
Autumn Jordan obtained a $9,000 EIDL advance when she worked as a Client Service Representative at Merrill Lynch Wealth Management, a division of Bank of America.
Manuel Pinazo, a client associate at Merrill Lynch Wealth Management, was approved for a $20,000 EIDL loan.
Dedryck Carson, a financial relationship consultant from Regions Bank, obtained a $10,000 EIDL grant from the SBA.
Wendy Rodriguez Legon, also a financial relationship specialist at Regions Bank, obtained an EIDL loan of $15,800. The Order of Prohibition states that the loan proceeds were deposited in Rodriguez Legon’s bank account. For two consecutive days, she withdrew $7,400 to avoid the bank filing a Currency Transaction Report.
Michael Lemley, one of Regions Bank’s former branch managers, gained $12,500 from a fraudulent EIDL loan.
Tracy Mallory, previously a branch manager at Regions Bank, allegedly accrued $21,600 in EIDL funds. In addition to a $10,000 EIDL grant, Mallory was also approved for an $11,600 EIDL loan.
Autumn Jordan replied to a request for comment from Bloomberg, stating that the alleged crimes were done “fraudulently in my name”. A Regions spokesman also responded to Bloomberg saying that the alleged activities go against the firm’s own internal policies. The defendants do not admit or deny any involvement in the fraud scheme.
Federal Reserve Press Release
Dedryck Carson Order of Prohibition
Tracy Mallory Order of Prohibition
Wendy Rodriguez Legon Order of Prohibition
Michael Lemley Order of Prohibition
Autumn Jordan Order of Prohibition
Manual Pinazo Order of Prohibition